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NAIROBI, March 14
(Xinhua / GNA) – The African Development Bank (AfDB) announced on Thursday
would provide 2.5 billion shillings (25 billion US dollars) over the next
five years to contribute to the global fight against climate change.
Akinwumi Adesina,
AfDB President, said the bank currently provides 34% of its resources
portfolio of loans for projects to strengthen the fight against climate change.
S addressing to one
Summit on the planet at the fourth session of the United Nations Assembly for the Environment, Adesina
stated that it was necessary to create in-house financing mechanisms to enable
communities in the face of climate change.
Adesina says
The funding needed to address climate change should come from the private sector.
sector.
He said that the funds
should be geared towards renewable energy solutions to enable millions of people
still unable to access electricity to be connected.
"Africa needs
indigenous models to finance climate change, "said Adesina, noting that
The AfDB has created the African Finance Alliance for Climate Change, which is
aimed at pooling financial resources to invest in the fight against the climate
change.
Adesina said under the
financial initiative, the bank is working with central banks to allocate money to
action against climate change.
According to the AfDB,
central banks have about $ 1.2 trillion worth of reserves that could
be redirected to renewable energy funding initiatives to help fight
effects of climate change.
"We want
countries to move away from coal energy and we invest in green charge
ease to move renewable energy, "said Adesina.
The AfDB, through its
Desert-to-Power Initiative, is currently seeking to produce solar energy from
Sahel region, to help some 250 million people gain access to affordable energy.
The bank aims to
generate 10 gigawatts of electricity by 2025 to reach some 11 countries in
the Sahel, which extends from Eritrea and Sudan in East Africa to Nigeria, Mali
and Senegal in West Africa as part of its Desert to Power initiative.
GNA
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